Printer Friendly

ENVIROFIL, INC. ANNOUNCES COMPLETION OF FINANCIAL RESTRUCTURING, INSTALLATION OF NEW CHIEF EXECUTIVE OFFICER

Preliminary Agreement for Acquisition of Environmental Waste of America
 RADNOR, Pa., Dec. 21 /PRNewswire/ -- Envirofil, Inc. (NASDAQ: EFILC) today announced the completion of the previously proposed management and financial restructuring.
 David Sutherland-Yoest, formerly president of Browning Ferris Industries Ltd., has become president and chief executive officer of Envirofil. Furthermore, the conversion of $11.25 million of convertible indebtedness and the private placement of $4 million of common stock, led by Sanders Morris Mundy, Inc. and Pennsylvania Merchant Group Ltd. has been completed. With the renegotiation of certain other financial obligations satisfactorily completed, EFILC will have approximately 26.5 million shares outstanding.
 As a result of the restructuring, Envirofil's short- and long-term debt has been reduced from approximately $13.8 million to approximately $1 million. Shareholders' equity increased to $8,026,571 from a deficit of ($7,756,772), which included a write down of $4.1 million from the reappraisal of its landfill properties. Sutherland-Yoest stated, "The company's growth strategies, attendant management and financial resources are well positioned."
 Concurrently, Envirofil disclosed that it has entered into a preliminary agreement to acquire Environmental Waste of America, Inc., a Seattle/Kirkland, Wash.-based non-hazardous solid-waste company. John Lorenz, president and chief executive officer of Environmental Waste of America, Inc., said he looks forward to the consummation of the merger in early 1993.
 Envirofil said it will aggressively pursue the acquisition, operation and development of non-hazardous solid waste landfills and related collection and


recycling businesses.
 /delval/
 -0- 12/21/92
 /CONTACT: David Sutherland-Yoest, president of Envirofil, 215-254-8833/
 (EFIL)


CO: Envirofil, Inc. ST: Pennsylvania IN: SU: RCN

JS-CC -- PH035 -- 8929 12/21/92 17:33 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 21, 1992
Words:272
Previous Article:GOV. CASEY ANNOUNCES CUSTOMIZED JOB TRAINING GRANT
Next Article:MIDLANTIC NATIONAL BANK OFFERS STORM DAMAGE LOAN PACKAGE
Topics:


Related Articles
ENVIROFIL COMPLETES INTERIM FUNDING PROGRAM AND ANNOUNCES OPENING DATE FOR MISSOURI LANDFILL
ENVIROFIL ANNOUNCES PRELIMINARY AGREEMENT FOR ACQUISITION OF NORTHEASTERN UNITED STATES WASTE COMPANY
FURTHER TO ITS DEC. 21 ANNOUNCEMENT, ENVIROFIL ANNOUNCES DEFINITIVE PURCHASE AGREEMENT FOR ACQUISITION OF ENVIRONMENTAL WASTE OF AMERICA
ENVIROFIL ANNOUNCES DEFINITIVE PURCHASE AGREEMENT TO ACQUIRE NEW JERSEY COMPANIES
ENVIRONFIL, INC. ANNOUNCES HIRING OF SEVERAL NEW EXECUTIVE OFFICERS
ENVIROFIL, INC. NAMES NEW CFO
ENVIROFIL ANNOUNCES CONSUMMATION OF ACQUISITIONS
USA WASTE SERVICES AND ENVIROFIL ANNOUNCE CLOSING OF ENVIROFIL NEW JERSEY ACQUISITION AND APPROVAL OF USA WASTE/ENVIROFIL MERGER BY BOARDS
USA WASTE SERVICES, INC. AND ENVIROFIL, INC. ANNOUNCE COMPLETION OF MERGER AGREEMENT
USA WASTE SERVICES REPORTS SECOND QUARTER EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters